UAE-India business ties get a boost

UAE-India ties will open more doors for flourishing trade and investment flow
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Suresh Kumar, Chairman, IBPC

This visit of the Indian Prime Minister to accept the Order of Zayed (the UAE’s highest civilian Award) is significant, both for having been conferred uniquely during Shaikh Zayed’s Centenary Year and equally as a reiteration of the formal Comprehensive Strategic Partnership, which is flourishing to historic heights in this golden era of relationship between the two countries.

Each of these reciprocal visits, taking place annually since 2015, by the highest leadership in both countries denote the enormous opening up of new avenues for trade, investments, maritime security and geopolitical cooperation.

The UAE’s ports and free zones, especially DP World’s trade platform, have emerged as gateways for the bulk of India’s trade and transshipments with the rest of the world.

Abu Dhabi Investment Authority (ADIA) and other sovereign wealth funds in the UAE are among the largest FDI into India.

ADIA’s strategic shareholding in and DP World’s joint ventures with the NIIF in India augur well for scaling up India’s infrastructure to world-class levels. Strategically, these initiatives and investments will contribute immensely to India emerging as a $5-trillion (Dh18 trillion) economy before long.

The partnership document envisages the private sector and in particular the Emirati and Indian businesses playing a big role in the growing trade and economic activities. Historically, leading businessmen have relied on highly qualified Indian professionals for risk management, decision support and analyses of opportunities that a vast and varied economy such as India presents.

Both the Indian prime minister and UAE leadership are sensitive and supportive of the genuine needs and aspirations of the 3.3 million Indian expatriates making UAE their home away from home. Their care and attention are hugely reassuring to the Indian community in the UAE and will spur them to contribute further value to their host nation.

Rizwan Sajan, Founder and Chairman, Danube Group

Ties between India and the UAE have been on an upswing. Both countries have supported each other through thick and thin. This will open more doors for flourishing trade and investment flows, which will eventually help companies like us. For decades, millions of Indians have moved to the Middle East to make money; now many of them, including us, are investing back home because of the governments lucrative schemes. After Narendra Modi’s last visit to the UAE, we launched our first Danube Home showroom in Hyderabad. Thanks to the government for their support and business-friendly schemes, we definitely plan to open many more stores in coming years. Additionally, the discussion might come in handy for the upcoming world Expo 2020, which will be held in Dubai. The UAE is leaving no stone unturned to host Expo 2020, so we might see a lot more investment coming from India. I am confident this visit will provide an opportunity to further cement mutually beneficial bilateral ties.

Prime Minister Narendra Modi is very influential and has proven himself to be a man of his word, through the transformation of his revolutionary ideas into a vivid reality. I would personally like to congratulate the prime minister on receiving the highest civilian award by the UAE government, for boosting relations between the UAE and India.

India and the UAE have long enjoyed a strong relationship built on mutual trust and cooperation. This bond has gone from strength to strength in recent years under Prime Minister Narendra Modi’s vision and leadership.

His visit to the UAE heralds a new direction in bilateral trade and international relations between the two nations. Following his first visit in 2015, Modi has been instrumental in encouraging new investments, infrastructure and business diversification, and enhancing cultural ties between India and the UAE. Thanks to his foresight and open dialogue on enhancing the long-standing trade ties, the UAE today is featured amongst India’s top ten investors, with FDI of approximately $5.33 billion across fast-growing sectors including real estate, power, renewable energy, air freight, hotels and tourism.

As the world’s seventh-largest economy by GDP, India’s role and contribution to the global arena is crucial for its continued success, and this meeting marks the beginning of a golden era towards innovation, growth and economic progress that is built on mutual trust, respect and cooperation.

Modi’s third visit to the UAE is also a matter of honour and immense pride for the 3.3 million Indians who work and live in the UAE, as he receives the Order of Zayed, the highest civil decoration of the UAE, in recognition of his work to develop ties between the two countries.

India and the UAE have shared strategic relations for decades and over the past few years have strengthened significantly across areas such as economics, politics, trade and culture. India is a key global trade partner for the UAE. Indian expats have successfully helped build the UAE, which hosts the largest Indian community overseas. Cross-border investment and trade is expected to cross $100 billion by 2020 with UAE companies set to expand their bases in India. Indian investors are encouraged to further expand their investments in the UAE with the introduction of new visa rules, permanent residency such as Golden Card and ten-year visa. At Aster DM Healthcare we are strengthening operations in both markets with the listing of our company in India in February 2018, launch of new facilities in India and the UAE to cater to market needs and further diversification in India into untapped potential such as diagnostics services.

This wouldn’t be possible without the visionary leaders of both countries and the nurturing economic environment they have built. Narendra Modi’s third visit to the UAE is a clear indication of the growing ties and bonds between the two countries. We hope this will lead to further strategic partnerships in key economic sectors such as infrastructure, energy, healthcare, tourism and education and defence that will encourage FDI from UAE businesses into India. Similarly, the launch of RuPay card in the UAE will boost the financial independence of the average two million Indians travelling annually to Dubai.

Joy Alukkas, Chairman and Managing Director, Joyalukkas Group

We are excited that our prime minister, Narendra Modi, is visiting the UAE again. This is proof of the strong and solid relationship between the UAE and India and I am sure this visit will only further strengthen it and result in progress and development for both nations. I also take this opportunity to congratulate Modi on being bestowed with the Order of Zayed during his visit, which is being conferred to him for boosting relations between the UAE and India. The warm and strong bond between the visionary leaders of the UAE and Prime Minister Narendra Modi will surely help create prosperity, growth and excellence for both nations for a long time to come.

Deepak Arora, Managing Director, DRA Group

I’m delighted with the strong ties that the UAE and India share. Prime Minister Narendra Modi has worked tirelessly for Indians all over the world to improve India’s relations with the global community. This has opened up avenues of investment and growth within India and abroad for all Indian citizens. In the UAE, we welcome Modi and hope the long-standing friendship between India and the UAE continues to blossom. This will lead to social and economic benefits for citizens and expats in both nations. We salute the UAE’s leaders for their support to the Indian community at all times.

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